NPORT-EX 2 tiaa_JQC.htm
1
Portfolio
of
Investments
April
30,
2025
JQC
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
146.9%
(96.0%
of
Total
Investments)
ASSET-BACKED
SECURITIES
-
7.2%
(4.7%
of
Total
Investments)
–
$
4,500,000
(a),(b)
AIMCO
CLO
10
Ltd,
Series
2019
10A,
(TSFR3M
+
4.250%)
8
.522
%
07/22/37
$
4,502,871
963,000
(a),(b)
Carlyle
US
CLO
2022-4
Ltd,
Series
2022
4A,
(TSFR3M
+
6.750%)
11
.376
07/25/36
959,010
2,250,000
(a),(b)
Carlyle
US
CLO
2022-4
Ltd,
Series
2022
4A,
(TSFR3M
+
3.100%)
7
.382
07/25/36
2,243,727
1,000,000
(a),(b)
CIFC
Funding
2020-I
Ltd,
Series
2020
1A,
(TSFR3M
+
6.512%)
10
.768
07/15/36
998,656
2,500,000
(a),(b)
CIFC
Funding
2021-I
Ltd,
Series
2021
1A,
(TSFR3M
+
6.000%)
10
.282
07/25/37
2,493,505
1,250,000
(a),(b)
CIFC
Funding
2021-IV
Ltd,
Series
2021
4A,
(TSFR3M
+
6.200%)
10
.479
07/23/37
1,250,785
2,000,000
(a),(b)
Elmwood
CLO
26
Ltd,
Series
2024
1A,
(TSFR3M
+
3.600%)
7
.869
04/18/37
2,003,256
6,700,000
(a),(b)
Elmwood
CLO
26
Ltd,
Series
2024
1A,
(TSFR3M
+
6.450%)
10
.719
04/18/37
6,696,637
1,000,000
(a),(b)
Invesco
US
CLO
2023-1
Ltd,
Series
2023
1A,
(TSFR3M
+
6.900%)
11
.172
04/22/37
996,012
4,000,000
(a),(b)
KKR
CLO
32
Ltd,
Series
2024
32A,
(TSFR3M
+
5.300%)
9
.556
04/15/37
4,002,616
4,000,000
(a),(b)
KKR
CLO
40
Ltd,
Series
E
40A,
(TSFR3M
+
7.250%)
11
.519
10/20/34
3,900,208
5,750,000
(a),(b)
Magnetite
XXXV
Ltd,
Series
2022
35A,
(TSFR3M
+
7.250%)
11
.532
10/25/36
5,797,029
3,000,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
24
Ltd,
Series
2017
24A,
(TSFR3M
+
7.000%)
11
.269
10/19/38
3,001,524
4,000,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
55
Ltd,
Series
2024
55A,
(TSFR3M
+
6.500%)
10
.769
04/22/38
4,007,616
1,500,000
(a),(b)
Neuberger
Berman
Loan
Advisers
LaSalle
Street
Lending
CLO
II
Ltd,
Series
2024
2A,
(TSFR3M
+
7.500%)
11
.769
04/20/38
1,504,489
2,000,000
(a),(b)
OHA
Credit
Partners
XV
Ltd,
Series
2017
15A,
(TSFR3M
+
4.500%)
8
.769
04/20/37
2,001,318
2,500,000
(a),(b)
RAD
CLO
24
Ltd,
Series
2024
24A,
(TSFR3M
+
6.500%)
10
.769
07/20/37
2,475,763
9,250,000
(a),(b)
Rad
CLO
7
Ltd,
Series
2020
7A,
(TSFR3M
+
4.150%)
8
.430
04/17/36
9,205,276
1,500,000
(a),(b)
Sixth
Street
CLO
XXV
Ltd,
Series
2024
25A,
(TSFR3M
+
6.000%)
10
.275
07/24/37
1,504,316
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$59,632,344)
59,544,614
SHARES
DESCRIPTION
VALUE
7745640
COMMON
STOCKS
-
0
.9
%
(
0
.6
%
of
Total
Investments)
7745640
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
(0.0%
of
Total
Investments)
196
(c),(d)
Belk
Inc
1,568
14,544
(d)
JOANN
Inc
145
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,713
CONSUMER
SERVICES
-
0.7%
(0.4%
of
Total
Investments)
41,905
(d)
Cengage
Learning
Holdings
II
Inc
874,767
230,354
(d)
Crown
Finance
US
Inc
4,697,609
1,225
(d)
Crown
Finance
US
Inc
24,981
TOTAL
CONSUMER
SERVICES
5,597,357
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.1%
(0.1%
of
Total
Investments)
211,860
(c),(d)
Millennium
Health
LLC
19,491
198,883
(c),(d)
Millennium
Health
LLC
1,989
242,758
(d)
Onex
Carestream
Finance
LP
546,205
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
567,685
MATERIALS
-
0.0%
(0.0%
of
Total
Investments)
89
LyondellBasell
Industries
NV,
Class
A
5,181
TOTAL
MATERIALS
5,181
MEDIA
&
ENTERTAINMENT
-
0.0%
(0.0%
of
Total
Investments)
10,159
(d)
Catalina
Marketing
Corp
304,770
8
(d)
Cumulus
Media
Inc,
Class
A
2
TOTAL
MEDIA
&
ENTERTAINMENT
304,772
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
(0.0%
of
Total
Investments)
39,129
(d)
Bright
Bidco
BV
11,856
28,645
(d)
Bright
Bidco
BV
8,680
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
20,536
Portfolio
of
Investments
April
30,
2025
(continued)
JQC
2
SHARES
DESCRIPTION
VALUE
SOFTWARE
&
SERVICES
-
0.1%
(0.1%
of
Total
Investments)
40,461
(d)
Avaya
Inc
$
222,536
186,520
(d)
Avaya
Inc
1,025,860
TOTAL
SOFTWARE
&
SERVICES
1,248,396
TOTAL
COMMON
STOCKS
(Cost
$25,999,814)
7,745,640
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
265728213
CORPORATE
BONDS
-
32
.2
%
(
21
.0
%
of
Total
Investments)
265728213
AUTOMOBILES
&
COMPONENTS
-
0.5%
(0.3%
of
Total
Investments)
$
1,195,000
(b),(e)
Clarios
Global
LP
/
Clarios
US
Finance
Co
6
.250
%
05/15/26
1,195,164
3,000,000
(e)
Ford
Motor
Credit
Co
LLC
7
.200
06/10/30
3,088,649
TOTAL
AUTOMOBILES
&
COMPONENTS
4,283,813
CAPITAL
GOODS
-
2.8%
(1.8%
of
Total
Investments)
2,000,000
(b)
Chart
Industries
Inc
7
.500
01/01/30
2,074,977
2,000,000
(b)
EMRLD
Borrower
LP
/
Emerald
Co-Issuer
Inc
6
.625
12/15/30
2,028,218
3,500,000
(b),(e)
Husky
Injection
Molding
Systems
Ltd
/
Titan
Co-Borrower
LLC
9
.000
02/15/29
3,552,955
3,000,000
(b)
Miter
Brands
Acquisition
Holdco
Inc
/
MIWD
Borrower
LLC
6
.750
04/01/32
3,002,157
4,000,000
(b),(e)
TK
Elevator
Holdco
GmbH
7
.625
07/15/28
4,006,852
3,000,000
(b)
TransDigm
Inc
6
.000
01/15/33
2,993,780
2,963,000
(e)
TransDigm
Inc
4
.625
01/15/29
2,849,908
2,000,000
(b),(e)
Windsor
Holdings
III
LLC
8
.500
06/15/30
2,105,090
TOTAL
CAPITAL
GOODS
22,613,937
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.8%
(1.2%
of
Total
Investments)
3,000,000
(b)
Allied
Universal
Holdco
LLC
7
.875
02/15/31
3,064,082
1,500,000
(b)
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp/Atlas
Luxco
4
Sarl
4
.625
06/01/28
1,441,633
4,925,000
(b),(e)
Boost
Newco
Borrower
LLC
7
.500
01/15/31
5,197,136
2,650,000
(b),(e)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6
.250
01/15/28
2,647,816
2,500,000
(b),(e)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3
.375
08/31/27
2,384,461
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
14,735,128
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.2%
(0.8%
of
Total
Investments)
3,900,000
(b),(e)
Academy
Ltd
6
.000
11/15/27
3,892,955
1,500,000
(b)
Carvana
Co,
(cash
9.000%,
PIK
13.000%)
9
.000
06/01/30
1,588,267
3,945,000
(b),(e)
Michaels
Cos
Inc/The
7
.875
05/01/29
1,355,780
1,188,000
(b),(e)
PetSmart
Inc
/
PetSmart
Finance
Corp
4
.750
02/15/28
1,135,433
1,850,000
(b)
Wand
NewCo
3
Inc
7
.625
01/30/32
1,905,840
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
9,878,275
CONSUMER
SERVICES
-
1.6%
(1.0%
of
Total
Investments)
6,617,000
(b),(e)
1011778
BC
ULC
/
New
Red
Finance
Inc
4
.000
10/15/30
6,021,685
1,193,000
(b),(e)
1011778
BC
ULC
/
New
Red
Finance
Inc
3
.500
02/15/29
1,115,191
3,000,000
(b),(e)
Caesars
Entertainment
Inc
6
.500
02/15/32
3,015,714
3,000,000
(b),(e)
Merlin
Entertainments
Group
US
Holdings
Inc
7
.375
02/15/31
2,794,111
TOTAL
CONSUMER
SERVICES
12,946,701
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.5%
(0.3%
of
Total
Investments)
4,000,000
(b),(e)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4
.625
01/15/27
3,954,754
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,954,754
ENERGY
-
1.7%
(1.1%
of
Total
Investments)
2,358,781
(b)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10
.000
11/15/28
2,006,143
5,000,000
(b),(e)
DT
Midstream
Inc
4
.375
06/15/31
4,605,191
1,000,000
(b)
eG
Global
Finance
PLC
12
.000
11/30/28
1,099,833
2,000,000
(e)
Expand
Energy
Corp
4
.750
02/01/32
1,876,445
3,201,000
(b),(e)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6
.250
11/01/28
3,097,481
1,201,000
(b),(e)
MEG
Energy
Corp
5
.875
02/01/29
1,158,701
TOTAL
ENERGY
13,843,794
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.7%
(0.5%
of
Total
Investments)
$
5,250,000
(e)
American
Tower
Corp
2
.950
%
01/15/51
$
3,263,796
2,000,000
(e)
Crown
Castle
Inc
2
.250
01/15/31
1,726,574
957,000
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
10
.500
02/15/28
1,016,128
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
6,006,498
FINANCIAL
SERVICES
-
0.1%
(0.1%
of
Total
Investments)
1,000,000
(b),(e)
LPL
Holdings
Inc
4
.625
11/15/27
995,377
TOTAL
FINANCIAL
SERVICES
995,377
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
2.2%
(1.5%
of
Total
Investments)
1,975,000
(b),(e)
Mozart
Debt
Merger
Sub
Inc
3
.875
04/01/29
1,842,318
5,118,024
(b),(e)
Radiology
Partners
Inc,
(cash
4.275%,
PIK
3.500%)
7
.775
01/31/29
5,007,731
5,710,250
(b)
Team
Health
Holdings
Inc,
(cash
9.000%,
PIK
4.500%)
9
.000
06/30/28
6,124,243
5,500,000
(e)
Tenet
Healthcare
Corp
6
.125
10/01/28
5,486,846
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
18,461,138
INSURANCE
-
1.5%
(1.0%
of
Total
Investments)
625,000
(b),(e)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4
.250
10/15/27
603,073
2,175,000
(b),(e)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.750
04/15/28
2,190,660
6,000,000
(b),(e)
HUB
International
Ltd
7
.250
06/15/30
6,223,458
3,000,000
(b)
Panther
Escrow
Issuer
LLC
7
.125
06/01/31
3,073,485
TOTAL
INSURANCE
12,090,676
MATERIALS
-
2.5%
(1.6%
of
Total
Investments)
3,500,000
(b),(e)
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4
.000
09/01/29
3,046,428
6,425,000
(e)
Ball
Corp
6
.000
06/15/29
6,556,051
3,000,000
(b)
Clydesdale
Acquisition
Holdings
Inc
6
.875
01/15/30
3,048,137
4,000,000
(b),(e)
Herens
Holdco
Sarl
4
.750
05/15/28
3,489,019
5,000,000
(b),(e)
Novelis
Corp
4
.750
01/30/30
4,649,431
TOTAL
MATERIALS
20,789,066
MEDIA
&
ENTERTAINMENT
-
2.9%
(1.9%
of
Total
Investments)
1,500,000
(b)
Advantage
Sales
&
Marketing
Inc
6
.500
11/15/28
1,207,664
7,000,000
(e)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3
.500
03/01/42
4,696,613
3,220,000
(b)
CSC
Holdings
LLC
5
.500
04/15/27
2,991,959
2,000,000
(b)
CSC
Holdings
LLC
5
.375
02/01/28
1,747,774
1,000,000
(b)
DISH
Network
Corp
11
.750
11/15/27
1,050,949
16,897
(b)
iHeartCommunications
Inc
9
.125
05/01/29
13,048
5,299,000
(b),(e)
McGraw-Hill
Education
Inc
5
.750
08/01/28
5,190,944
2,000,000
(b)
Virgin
Media
Secured
Finance
PLC
5
.500
05/15/29
1,925,627
6,006,000
(b),(e)
VZ
Secured
Financing
BV
5
.000
01/15/32
5,241,112
TOTAL
MEDIA
&
ENTERTAINMENT
24,065,690
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.3%
(0.2%
of
Total
Investments)
2,000,000
(e)
Amgen
Inc
3
.150
02/21/40
1,513,833
1,500,000
(b),(e)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
1,259,027
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,772,860
SOFTWARE
&
SERVICES
-
1.3%
(0.9%
of
Total
Investments)
1,185,000
(b)
Open
Text
Holdings
Inc
4
.125
12/01/31
1,059,755
3,666,485
(b)
Rackspace
Finance
LLC
3
.500
05/15/28
1,305,169
6,750,000
(b),(e)
Rocket
Software
Inc
9
.000
11/28/28
6,954,808
1,500,000
(b),(e)
SS&C
Technologies
Inc
5
.500
09/30/27
1,492,604
TOTAL
SOFTWARE
&
SERVICES
10,812,336
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.3%
(0.2%
of
Total
Investments)
1,503,000
(b),(e)
CommScope
LLC
4
.750
09/01/29
1,326,587
1,250,000
(b)
CommScope
Technologies
LLC
5
.000
03/15/27
1,087,776
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
2,414,363
TELECOMMUNICATION
SERVICES
-
7.7%
(5.0%
of
Total
Investments)
2,000,000
(e)
Frontier
Communications
Holdings
LLC
5
.875
11/01/29
2,001,002
6,313,000
(b),(e)
Frontier
Communications
Holdings
LLC
5
.875
10/15/27
6,305,860
1,978,000
(b),(e)
Frontier
Communications
Holdings
LLC
6
.000
01/15/30
1,985,010
1,500,000
(b)
Frontier
Communications
Holdings
LLC
8
.625
03/15/31
1,590,766
1,500,000
(b),(e)
Iliad
Holding
SASU
7
.000
10/15/28
1,518,288
Portfolio
of
Investments
April
30,
2025
(continued)
JQC
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
(continued)
$
13,419,000
(b)
Level
3
Financing
Inc
10
.500
%
05/15/30
$
14,506,870
1,000,000
(b)
Level
3
Financing
Inc
4
.875
06/15/29
872,500
3,250,000
(b)
Level
3
Financing
Inc
4
.000
04/15/31
2,535,780
1,000,000
(b)
Lumen
Technologies
Inc
10
.000
10/15/32
997,500
4,000,000
(e)
T-Mobile
USA
Inc
3
.500
04/15/31
3,716,053
5,180,000
(b),(e)
Vmed
O2
UK
Financing
I
PLC
4
.250
01/31/31
4,519,282
15,089,000
(b),(e)
Zayo
Group
Holdings
Inc
4
.000
03/01/27
13,896,835
10,000,000
(b),(e)
Ziggo
BV
4
.875
01/15/30
9,206,436
TOTAL
TELECOMMUNICATION
SERVICES
63,652,182
TRANSPORTATION
-
0.7%
(0.4%
of
Total
Investments)
1,975,000
(e)
Delta
Air
Lines
Inc
3
.750
10/28/29
1,833,044
2,250,000
(b),(e)
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd
6
.500
06/20/27
2,257,051
1,623,000
(b),(e)
United
Airlines
Inc
4
.625
04/15/29
1,524,498
TOTAL
TRANSPORTATION
5,614,593
UTILITIES
-
1.9%
(1.2%
of
Total
Investments)
1,940,000
(e)
Pacific
Gas
and
Electric
Co
4
.550
07/01/30
1,881,839
2,000,000
(e)
Pacific
Gas
and
Electric
Co
4
.500
07/01/40
1,658,189
6,318,000
(e)
PG&E
Corp
5
.000
07/01/28
6,162,664
3,000,000
(e)
PG&E
Corp
5
.250
07/01/30
2,890,444
3,000,000
(b)
Talen
Energy
Supply
LLC
8
.625
06/01/30
3,203,896
TOTAL
UTILITIES
15,797,032
TOTAL
CORPORATE
BONDS
(Cost
$260,839,807)
265,728,213
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
880582103
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
106
.6
%
(
69
.7
%
of
Total
Investments)
880582103
AUTOMOBILES
&
COMPONENTS
-
0.9%
(0.6%
of
Total
Investments)
3,917,427
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
05/06/30
3,851,320
1,875,000
(a)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
01/28/32
1,841,409
1,532,000
(a),(f)
DexKo
Global
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.186
10/04/28
1,418,441
TOTAL
AUTOMOBILES
&
COMPONENTS
7,111,170
CAPITAL
GOODS
-
8.7%
(5.7%
of
Total
Investments)
1,282,886
(a)
ACProducts,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.811
05/17/28
872,722
134,615
(a),(g)
Air
Comm
Corporation,
LLC,
Delayed
Draw
Term
Loan
1
.000
12/11/31
133,522
1,615,385
(a)
Air
Comm
Corporation,
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7
.321
12/11/31
1,602,260
4,120,000
(a),(e)
Ali
Group
North
America
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.436
07/23/29
4,133,390
1,465,862
(a)
Archkey
Solutions
LLC,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.033
11/03/31
1,464,030
995,000
(a)
Azorra
Soar
TLB
Finance
Ltd,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
10/18/29
993,756
1,667,000
(a)
Barnes
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.320
01/27/32
1,644,912
1,517,627
(a)
Centuri
Group,
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.935
08/28/28
1,519,250
5,104,778
(a)
Chamberlain
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.672
11/03/28
5,051,842
1,240,988
(a)
Chart
Industries,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.788
03/18/30
1,238,277
705,173
(a)
Conair
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.186
05/17/28
373,742
7,655,661
(a)
Core
&
Main
LP,
Term
Loan
B,
(TSFR6M
+
2.000%)
6
.270
07/27/28
7,665,231
1,542,080
(a),(f)
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.672
04/12/28
1,354,671
1,950,200
(a)
Gates
Global
LLC,
Term
Loan
B5,
(TSFR1M
+
1.750%)
6
.072
06/04/31
1,936,948
431,034
(a),(g)
Kaman
Corporation,
Delayed
Draw
Term
Loan
1
.000
02/26/32
425,302
4,568,966
(a)
Kaman
Corporation,
Term
Loan
B,
(TSFR3M
+
TSFR6M
+
2.750%)
7
.047
02/26/32
4,508,198
1,983,335
(a)
Madison
IAQ
LLC,
Term
Loan,
(TSFR6M
+
2.500%)
6
.762
06/21/28
1,968,093
805,950
(a)
Madison
Safety
&
Flow
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
09/26/31
800,913
406,000
(a)
Minimax
Viking
GmbH,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
03/17/32
404,985
250,000
(a),(h)
Oregon
Tool
Lux
LP,
(TBD)
TBD
TBD
250,860
2,149,000
(a)
Quikrete
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
01/31/32
2,109,555
9,059,206
(a)
Quikrete
Holdings,
Inc.,
Term
Loan
B1,
(TSFR1M
+
2.250%)
6
.572
04/14/31
8,902,980
3,090,000
(a),(h)
QXO
Inc,
(TBD)
TBD
TBD
3,090,556
1,056,818
(a),(f)
Titan
Acquisition
Limited,
Term
Loan
B,
(TSFR6M
+
4.500%)
8
.724
02/15/29
1,036,627
7,563,669
(a)
TK
Elevator
Midco
GmbH,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.237
04/30/30
7,543,361
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL
GOODS
(continued)
$
1,230,815
(a)
TransDigm,
Inc.,
Term
Loan,
(TSFR3M
+
2.500%)
6
.799
%
01/20/32
$
1,219,725
7,080,324
(a)
TransDigm,
Inc.,
Term
Loan
J,
(TSFR3M
+
2.500%)
6
.799
02/28/31
7,018,689
1,920,700
(a)
TransDigm,
Inc.,
Term
Loan
K,
(TSFR3M
+
2.750%)
7
.049
03/22/30
1,918,981
622,396
(a)
Victory
Buyer
LLC,
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
11/20/28
603,920
TOTAL
CAPITAL
GOODS
71,787,298
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
5.4%
(3.5%
of
Total
Investments)
5,237,066
(a)
Allied
Universal
Holdco
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.172
05/15/28
5,238,061
1,451,363
(a)
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
09/29/31
1,436,174
1,606,666
(a)
Anticimex
International
AB,
Term
Loan
B1,
(SOFR90A
+
3.150%)
7
.490
11/16/28
1,598,633
1,371,015
(a)
Anticimex
International
AB,
Term
Loan
B6,
(SOFR90A
+
3.400%)
7
.740
11/16/28
1,369,726
169,138
(a),(g)
Archkey
Solutions
LLC,
Delayed
Draw
Term
Loan
B
4
.750
11/03/31
168,927
621,108
(a)
CHG
Healthcare
Services
Inc.,
Term
Loan
B1,
(TSFR3M
+
3.000%)
7
.306
09/29/28
620,157
3,343,775
(a)
Creative
Artists
Agency,
LLC
,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
10/01/31
3,332,724
1,149,448
(a)
Dun
&
Bradstreet
Corporation
(The),
Term
Loan,
(TSFR1M
+
2.250%)
6
.570
01/18/29
1,147,293
2,039,549
(a)
Ensemble
RCM,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.280
08/01/29
2,040,385
1,246,875
(a)
First
Advantage
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
10/31/31
1,239,861
9,158,999
(a)
Garda
World
Security
Corporation,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.292
02/01/29
9,094,886
800,000
(a)
GFL
Environmental
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.819
03/03/32
791,000
1,563,207
(a)
OMNIA
Partners
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.033
07/25/30
1,558,971
1,497,484
(a)
Prime
Security
Services
Borrower,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.319
10/15/30
1,493,149
2,171,491
(a)
Reworld
Holding
Corp,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.579
11/30/28
2,165,607
167,247
(a)
Reworld
Holding
Corp,
Term
Loan
C,
(TSFR1M
+
2.250%)
6
.579
11/30/28
166,794
1,647,873
(a)
West
Corporation,
Term
Loan
B3,
(TSFR3M
+
4.000%)
8
.530
04/12/27
1,196,257
855,000
(a)
WIN
Waste
Innovations
Holdings,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
03/27/28
855,000
7,450,042
(a)
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.186
03/27/28
7,368,240
1,721,350
(a)
XPLOR
T1
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
06/24/31
1,721,350
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
44,603,195
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
4.1%
(2.7%
of
Total
Investments)
385,000
(a)
Academy,
Ltd.,
Term
Loan,
(TSFR1M
+
3.750%)
8
.188
11/08/27
384,197
2,634,760
(a)
Belron
Finance
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.052
10/16/31
2,631,835
4,561,545
(a)
CNT
Holdings
I
Corp,
Term
Loan,
(TSFR3M
+
2.500%)
6
.780
11/08/32
4,543,184
124,313
(a)
Driven
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.436
12/18/28
123,924
717,526
(a)
Gulfside
Supply
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.299
06/17/31
713,041
1,124,350
(a)
Johnstone
Supply
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.820
06/09/31
1,116,969
620,313
(a)
LBM
Acquisition
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.179
06/06/31
589,039
2,468,109
(a)
LBM
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.172
12/20/27
2,439,677
1,053,057
(a)
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.817
04/23/31
1,046,808
500,930
(a)
Mister
Car
Wash
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
03/27/31
498,192
1,794,000
(a),(f)
Petco
Health
and
Wellness
Company,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.811
03/06/28
1,570,701
10,869,906
(a),(e)
PetSmart,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.172
02/14/28
10,745,337
2,721,880
(a)
Restoration
Hardware,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.936
10/20/28
2,533,730
3,531,226
(a)
Wand
NewCo
3,
Inc.,
Repriced
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
01/30/31
3,488,075
1,162,087
(a)
White
Cap
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.575
10/31/29
1,135,633
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
33,560,342
Portfolio
of
Investments
April
30,
2025
(continued)
JQC
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
DURABLES
&
APPAREL
-
3.7%
(2.4%
of
Total
Investments)
$
3,564,944
(a)
ABG
Intermediate
Holdings
2
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
%
12/21/28
$
3,505,463
7,988,505
(a)
AI
Aqua
Merger
Sub,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.319
07/31/28
7,906,702
7,206,918
(a)
Hayward
Industries,
Inc.,
Term
Loan,
(TSFR1M
+
2.500%)
6
.936
05/30/28
7,190,414
6,227
(a)
Serta
Simmons
Bedding,
LLC,
New
Term
Loan,
(TSFR3M
+
7.500%)
11
.914
06/29/28
5,712
916,245
(a)
SRAM,
LLC
,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.570
02/27/32
891,049
2,244,375
(a)
Tempur
Sealy
International
Inc.,
Term
Loan
B,
(SOFR30A
+
2.500%)
6
.780
10/24/31
2,242,692
2,627,500
(a)
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
03/18/30
2,481,897
1,745,000
(a)
Varsity
Brands,
Inc.,
Term
Loan,
(TSFR3M
+
3.500%)
7
.819
08/26/31
1,719,375
153,811
(a)
Weber-Stephen
Products
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.672
10/29/27
144,134
3,051,153
(a),(f)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.686
10/29/27
2,873,805
1,510,000
(a)
WH
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.072
02/20/32
1,455,262
TOTAL
CONSUMER
DURABLES
&
APPAREL
30,416,505
CONSUMER
SERVICES
-
12.9%
(8.4%
of
Total
Investments)
8,493,171
(a)
101B.C.
Unlimited
Liability
Company,
Term
Loan
B6,
(TSFR1M
+
1.750%)
6
.072
09/23/30
8,426,160
818,828
(a)
Allwyn
Entertainment
Financing
US
LLC,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.230
06/11/31
809,272
4,325,235
(a)
Alterra
Mountain
Company,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
08/17/28
4,330,641
987,544
(a)
Alterra
Mountain
Company,
Term
Loan
B7,
(TSFR1M
+
3.000%)
7
.322
05/31/30
990,013
3,803,794
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B,
(TSFR3M
+
2.250%)
6
.563
02/06/30
3,760,050
1,918,125
(a)
Caesars
Entertainment
Inc.,
Term
Loan
B1,
(TSFR3M
+
2.250%)
6
.563
02/06/31
1,891,751
1,627,601
(a)
Carnival
Corporation,
Term
Loan
(2027),
(TSFR1M
+
2.000%)
6
.329
08/09/27
1,631,678
1,700,243
(a)
Carnival
Corporation,
Term
Loan
(2028),
(TSFR1M
+
2.000%)
6
.329
10/18/28
1,698,653
1,445,000
(a)
Catawba
Nation
Gaming
Authority,
Term
Loan
B,
(TSFR3M
+
4.750%)
9
.053
03/29/32
1,438,982
3,255,334
(a)
Churchill
Downs
Incorporated,
Incremental
Term
Loan
B1,
(TSFR1M
+
1.750%)
6
.072
03/17/28
3,243,127
1,960,249
(a)
Cinemark
USA,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.750%)
7
.060
05/24/30
1,960,661
5,853,213
(a)
ClubCorp
Holdings,
Inc.,
Term
Loan
B2,
(TSFR3M
+
5.000%)
9
.561
09/18/26
5,867,846
4,892,737
(a)
Crown
Finance
US,
Inc.,
Term
Loan
B,
(TSFR1M
+
5.250%)
9
.569
12/02/31
4,859,883
2,456,668
(a)
Delta
2
(LUX)
S.a.r.l.,
Term
Loan
B1,
(TSFR3M
+
2.000%)
6
.299
09/19/31
2,450,539
1,228,332
(a),(h)
Delta
2
Lux
Sarl,
(TBD)
TBD
TBD
1,225,267
10,330,553
(a)
Fertitta
Entertainment,
LLC,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.822
01/29/29
10,088,457
9,875,000
(a)
Flutter
Financing
B.V.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.049
11/29/30
9,748,501
1,614,140
(a)
GBT
US
III
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.783
07/28/31
1,601,138
3,083,036
(a)
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B3,
(TSFR3M
+
2.750%)
7
.053
10/31/29
3,085,595
3,231,412
(a)
Hilton
Domestic
Operating
Company,
Inc.,
Term
Loan
B4,
(TSFR1M
+
1.750%)
6
.077
11/08/30
3,225,434
1,238,502
(a)
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
08/02/28
1,218,475
10,133,011
(a)
IRB
Holding
Corp,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
12/15/27
10,070,490
4,643,718
(a)
Light
and
Wonder
International,
Inc.,
Term
Loan
B2,
(TSFR1M
+
2.250%)
6
.570
04/16/29
4,645,668
1,655,881
(a)
Motion
Finco
Sarl,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
11/30/29
1,569,295
1,805,203
(a)
PENN
Entertainment,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
05/03/29
1,801,936
2,601,450
(a)
PG
Investment
Company
59
S.a
r.l.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.299
03/24/31
2,597,548
6,294,361
(a)
Scientific
Games
Holdings
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.285
04/04/29
6,247,153
2,997,272
(a)
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B3,
(TSFR1M
+
2.000%)
6
.322
12/04/31
2,967,299
3,396,712
(a)
Spin
Holdco
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
8
.562
03/06/28
2,793,541
TOTAL
CONSUMER
SERVICES
106,245,053
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
-
1.6%
(1.0%
of
Total
Investments)
$
2,170,364
(a)
EG
Group
Limited,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.563
%
02/07/28
$
2,174,238
997,500
(a)
Epic
Crude
Services,
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.256
10/15/31
997,680
4,062,135
(a)
Freeport
LNG
Investments,
LLLP,
Term
Loan
A,
(TSFR3M
+
3.000%)
7
.531
11/16/26
4,039,936
2,894,873
(a)
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.573
10/05/28
2,872,713
2,902,500
(a)
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
11/17/28
2,903,022
TOTAL
ENERGY
12,987,589
FINANCIAL
SERVICES
-
0.7%
(0.5%
of
Total
Investments)
678,202
(a)
AqGen
Island
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
08/02/28
675,659
410,596
(a)
Aragorn
Parent
Corporation,
Term
Loan,
(TSFR1M
+
4.250%)
8
.570
12/15/28
411,725
1,375,000
(a)
Dechra
Pharmaceuticals
Holdings
Ltd,
Term
Loan
B,
(TSFR6M
+
3.250%)
7
.542
01/27/32
1,364,261
3,020,507
(a),(c),(i)
Ditech
Holding
Corporation,
Term
Loan
0
.000
06/30/26
302
537,303
(a)
Kestra
Advisor
Services
Holdings
A,
Inc.,
Repriced
Term
Loan,
(TSFR1M
+
3.000%)
7
.322
03/24/31
533,274
2,899,780
(a)
Trans
Union,
LLC,
Term
Loan
B8,
(TSFR1M
+
1.750%)
6
.072
06/24/31
2,885,048
TOTAL
FINANCIAL
SERVICES
5,870,269
FOOD,
BEVERAGE
&
TOBACCO
-
2.2%
(1.4%
of
Total
Investments)
2,654,121
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
10/01/25
2,521,415
177,245
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
4.750%)
9
.186
10/01/25
166,610
1,697,043
(a)
CHG
PPC
Parent
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7
.436
12/08/28
1,697,043
771,287
(a)
City
Brewing
Company,
LLC,
First
Out
New
Money
Term
Loan,
(TSFR3M
+
6.250%)
10
.506
04/05/28
296,946
2,018,309
(a)
City
Brewing
Company,
LLC,
FLFO
Roll
Up
Term
Loan,
(TSFR3M
+
3.500%)
8
.018
04/05/28
797,232
200,747
(a)
City
Brewing
Company,
LLC,
PIK
Super
Priority
Term
Loan,
(TSFR3M
+
9.000%)
13
.580
01/03/26
185,691
1,915,000
(a)
Froneri
Lux
Finco
Sarl,
Term
Loan
B4,
(TSFR6M
+
2.000%)
6
.237
09/30/31
1,903,912
4,766,103
(a)
Pegasus
BidCo
BV,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.573
07/12/29
4,763,124
64,655
(a),(g)
Sauer
Brands
Inc,
Delayed
Draw
Term
Loan
0
.000
02/19/32
64,504
685,345
(a)
Sauer
Brands
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
02/19/32
683,738
1,514,700
(a)
Sycamore
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.684
07/23/29
1,513,443
3,269,371
(a)
Triton
Water
Holdings,
Inc,
Term
Loan
B,
(TSFR3M
+
2.250%)
6
.549
03/31/28
3,248,528
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
17,842,186
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
14.7%
(9.6%
of
Total
Investments)
888,750
(a)
ADMI
Corp.,
Term
Loan
B5,
(TSFR1M
+
5.750%)
10
.072
12/23/27
878,383
4,319,444
(a)
AHP
Health
Partners,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
08/24/28
4,323,483
14,497,465
(a)
Bausch
&
Lomb
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
7
.670
05/10/27
14,351,621
2,805,622
(a)
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
3.750%)
8
.049
06/25/29
2,801,232
1,667,409
(a)
EyeCare
Partners,
LLC,
Second
Out
Term
Loan
B,
(TSFR3M
+
TSFR6M
+
2.958%),
(cash
5.227%,
PIK
3.610%)
4
.014
11/30/28
1,295,718
4,215,764
(a)
Gainwell
Acquisition
Corp.,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.399
10/01/27
3,933,181
12,522,248
(a)
Global
Medical
Response,
Inc.,
PIK
Term
Loan,
(TSFR1M
+
5.500%)
9
.822
10/02/28
12,524,815
2,073,803
(a)
MedAssets
Software
Intermediate
Holdings,
Inc.,
First
Out
Term
Loan,
(TSFR1M
+
4.000%)
8
.320
12/18/28
2,004,465
21,474,172
(a),(f)
Medline
Borrower,
LP,
Add-on
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
10/23/28
21,354,453
4,324,184
(a)
National
Mentor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
TSFR3M
+
3.750%)
8
.160
03/02/28
4,135,909
147,516
(a)
National
Mentor
Holdings,
Inc.,
Term
Loan
C,
(TSFR3M
+
3.750%)
8
.149
03/02/28
141,093
3,258,063
(a)
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR1M
+
4.750%)
9
.186
02/28/28
3,257,052
3,860,000
(a),(h)
OPAL
US
LLC,
(TBD)
TBD
TBD
3,833,482
534,600
(a)
Pacific
Dental
Services,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.074
03/17/31
530,633
13,928,475
(a)
Parexel
International
Corporation,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
11/15/28
13,866,702
10,407,431
(a)
Phoenix
Guarantor
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
02/21/31
10,351,751
Portfolio
of
Investments
April
30,
2025
(continued)
JQC
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
$
2,122,593
(a)
Select
Medical
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
%
12/03/31
$
2,121,935
271,000
(a)
Sound
Inpatient
Physicians,
Tranche
A
Term
Loan
(First
Out),
(TSFR3M
+
3.250%),
(cash
10.061%,
PIK
1.000%)
5
.530
06/28/28
281,332
2,161,687
(a)
Sound
Inpatient
Physicians,
Tranche
B
Term
Loan
(Second
Out),
(TSFR3M
+
2.500%),
(cash
8.090%,
PIK
1.500%)
4
.780
06/28/28
1,967,135
1,300,000
(a),(h)
Star
Parent,
Inc.,
Term
Loan
B,
(TBD)
TBD
TBD
1,260,194
11,772,917
(a)
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.070
12/19/30
11,754,552
2,435,070
(a)
Team
Health
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
5.250%)
9
.530
03/02/27
2,376,336
2,327,766
(a)
Viant
Medical
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.322
10/29/31
2,330,920
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
121,676,377
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.1%
(0.0%
of
Total
Investments)
576,000
(a),(h)
VC
GB
Holdings
I
Corp.,
First
Lien
Term
Loan,
(TBD)
TBD
TBD
551,252
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
551,252
INSURANCE
-
9.1%
(5.9%
of
Total
Investments)
13,272,166
(a)
Acrisure,
LLC,
First
Lien
Term
Loan
B6,
(TSFR1M
+
3.000%)
7
.322
11/06/30
13,147,805
9,971,562
(a)
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6,
(TSFR1M
+
2.750%)
7
.073
09/19/31
9,913,926
2,024,925
(a)
AmWINS
Group,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
01/30/32
2,017,180
4,158,000
(a)
AssuredPartners,
Inc.,
Incremental
Term
Loan
B5,
(TSFR1M
+
3.500%)
7
.822
02/14/31
4,162,990
1,531,000
(a),(h)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(TBD)
TBD
TBD
1,435,037
165,886
(a)
Asurion
LLC,
Term
Loan
B11,
(TSFR1M
+
4.250%)
8
.672
08/21/28
161,236
4,043,641
(a)
Asurion
LLC,
Term
Loan
B8,
(TSFR1M
+
3.250%)
7
.686
12/23/26
4,017,721
3,069,803
(a)
Asurion
LLC,
Term
Loan
B9,
(TSFR1M
+
3.250%)
7
.686
07/30/27
3,007,993
12,591,317
(a),(f)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.000%)
7
.322
06/16/31
12,547,814
8,339,751
(a)
HUB
International
Limited,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.769
06/20/30
8,295,884
240,024
(a)
Ryan
Specialty
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
09/15/31
239,499
4,156,182
(a)
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.313
07/31/31
4,141,573
4,888,669
(a)
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.049
05/06/31
4,841,836
822,538
(a)
USI,
Inc.,
Term
Loan
C,
(TSFR3M
+
2.250%)
6
.549
09/27/30
818,425
6,385,958
(a)
USI,
Inc.,
Term
Loan
D,
(TSFR3M
+
2.250%)
6
.549
11/23/29
6,354,603
TOTAL
INSURANCE
75,103,522
MATERIALS
-
5.0%
(3.3%
of
Total
Investments)
783,140
(a)
Arsenal
AIC
Parent
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
08/19/30
773,938
537,303
(a)
Berlin
Packaging
LLC,
Term
Loan
B7,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.811
06/09/31
534,243
128,866
(a),(g)
Clydesdale
Acquisition
Holdings
Inc,
Delayed
Draw
Term
Loan,
(N/A
+
TSFR3M
+
1.625%)
3
.740
03/29/32
127,981
7,371,134
(a)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.492
03/29/32
7,320,494
819,155
(a)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.175%)
7
.497
04/13/29
814,498
1,357,000
(a)
CPC
Acquisition
Corp,
Term
Loan,
(TSFR3M
+
3.750%)
8
.311
12/29/27
1,159,387
4,612,233
(a)
Discovery
Purchaser
Corporation,
Term
Loan,
(TSFR3M
+
3.750%)
8
.022
10/04/29
4,593,784
491,822
(a)
ECO
Services
Operations
Corp,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.280
06/12/31
484,752
1,595,000
(a)
Fortis
333,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.803
04/02/32
1,565,094
2,585,573
(a)
INEOS
Quattro
Holdings
UK
Ltd,
First
Lien
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.672
03/29/29
2,223,593
579,725
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan,
(TSFR1M
+
3.750%)
8
.172
03/01/30
492,766
940,000
(a)
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
(TSFR1M
+
4.250%)
8
.572
10/07/31
794,300
761,804
(a),(f)
Ineos
US
Finance
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
02/07/31
706,890
1,656,070
(a)
Ineos
US
Finance
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
02/19/30
1,554,222
3,209,403
(a)
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B,
(TSFR6M
+
4.725%)
9
.227
02/09/26
2,903,707
298,000
(a)
Knife
River
HoldCo,
Term
Loan,
(TSFR3M
+
2.000%)
6
.292
03/08/32
298,373
1,191,093
(a)
Lonza
Group
AG,
Term
Loan
B,
(TSFR3M
+
3.925%)
8
.324
07/03/28
1,092,828
5,186,293
(a)
Nouryon
Finance
B.V.,
Term
Loan
B1,
(TSFR3M
+
3.250%)
7
.553
04/03/28
5,160,361
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
$
478,959
(a)
Nouryon
Finance
B.V.,
Term
Loan
B2,
(TSFR3M
+
3.250%)
7
.554
%
04/03/28
$
476,564
443,841
(a)
Plaze,
Inc.,
Incremental
Term
Loan,
(TSFR1M
+
3.750%)
8
.186
08/03/26
415,389
534,600
(a)
SupplyOne,
Inc,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.072
04/21/31
532,261
5,995,806
(a)
TricorBraun
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
7
.686
03/03/28
5,922,028
494,375
(a),(f)
Tronox
Finance
LLC,
Term
Loan
B1,
(TSFR3M
+
2.250%)
6
.549
04/04/29
466,875
98,077
(a),(g)
USALCO,
LLC,
Delayed
Draw
Term
Loan
1
.000
09/30/31
98,036
949,543
(a)
USALCO,
LLC,
Term
Loan
B,
(TSFR3M
+
4.000%)
8
.299
09/30/31
949,144
TOTAL
MATERIALS
41,461,508
MEDIA
&
ENTERTAINMENT
-
3.8%
(2.5%
of
Total
Investments)
2,611,285
(a)
Advantage
Sales
&
Marketing,
Inc.,
Term
Loan,
(TSFR3M
+
4.250%)
8
.789
10/28/27
2,311,118
4,918,632
(a),(f)
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
(TSFR1M
+
7.000%)
11
.320
01/04/29
4,856,141
940,345
(a)
Cable
One,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.000%)
6
.436
05/03/28
922,126
2,188,490
(a)
Cengage
Learning,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.500%)
7
.826
03/24/31
2,182,023
384,110
(a)
Checkout
Holding
Corp.,
Exit
Term
Loan,
(TSFR3M
+
9.500%)
13
.769
05/24/30
370,666
4,345,965
(a)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
4.000%)
8
.436
08/23/28
4,227,537
1,385,747
(a)
CMG
Media
Corporation,
Term
Loan,
(TSFR3M
+
3.500%)
7
.899
06/18/29
1,312,780
2,512,402
(a)
CSC
Holdings,
LLC,
Term
Loan
B5,
(Prime
+
1.500%)
9
.000
04/15/27
2,424,305
4,658,455
(a)
CSC
Holdings,
LLC,
Term
Loan
B6,
(TSFR1M
+
4.500%)
8
.822
01/18/28
4,544,579
960,671
(a),(e)
DirecTV
Financing,
LLC,
Term
Loan,
(TSFR3M
+
5.000%)
9
.541
08/02/27
961,915
2,996,836
(a)
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
08/06/31
2,993,359
399,437
(a)
Mission
Broadcasting,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.938
06/02/28
397,252
886,004
(a)
Nexstar
Broadcasting,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.500%)
6
.936
09/18/26
887,249
1,764,100
(a)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.319
02/10/31
1,757,264
721,941
(a)
Project
Ruby
Ultimate
Parent
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.436
03/10/28
720,266
815,432
(a)
Red
Ventures,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.075
03/04/30
793,416
217,000
(a)
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
(TSFR6M
+
3.175%)
7
.373
03/31/31
211,353
TOTAL
MEDIA
&
ENTERTAINMENT
31,873,349
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
1.2%
(0.8%
of
Total
Investments)
7,145,506
(a)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
05/05/28
7,130,179
1,492,742
(a)
Organon
&
Co,
Term
Loan,
(TSFR1M
+
2.250%)
6
.570
05/19/31
1,433,032
1,145,356
(a)
Perrigo
Investments,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
04/20/29
1,144,881
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
9,708,092
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.1%
(0.7%
of
Total
Investments)
2,347,197
(a)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B1,
(TSFR1M
+
2.750%)
7
.072
01/31/30
2,339,862
2,431,250
(a)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Tranche
2
Incremental
Term
Loan,
(TSFR1M
+
3.250%)
7
.572
01/31/30
2,435,310
4,283,000
(a),(f)
Forest
City
Enterprises,
L.P.,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.936
12/08/25
4,132,495
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
8,907,667
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.2%
(0.2%
of
Total
Investments)
1,875,000
(a)
Instructure
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
3.000%)
7
.315
11/13/31
1,866,947
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
1,866,947
SOFTWARE
&
SERVICES
-
20.5%
(13.4%
of
Total
Investments)
1,556,413
(a)
Ahead
DB
Holdings,
LLC,
Term
Loan
B3,
(TSFR3M
+
3.000%)
7
.299
02/03/31
1,548,389
1,031,711
(a)
Apttus
Corporation,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.780
05/08/28
1,033,971
1,250,000
(a),(h)
Asurion
LLC,
Term
Loan
B4,
Second
Lien,
(TBD)
TBD
TBD
1,151,562
2,955,000
(a)
Avalara,
Inc,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.553
03/29/32
2,943,003
8,455,465
(a)
Avaya,
Inc.,
Exit
Term
Loan,
(TSFR1M
+
3.750%),
(cash
11.822%,
PIK
7.500%)
5
.911
08/01/28
6,635,764
2,674,099
(a)
Axalta
Coating
Systems
U.S.
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
1.750%)
6
.049
12/20/29
2,677,161
2,450,000
(a)
BCPE
Pequod
Buyer
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.822
11/25/31
2,445,921
9,547,072
(a)
Boost
Newco
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
2.000%)
6
.299
01/31/31
9,539,101
Portfolio
of
Investments
April
30,
2025
(continued)
JQC
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE
&
SERVICES
(continued)
$
10,824,097
(a)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
%
07/30/31
$
10,626,666
1,115,860
(a)
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
01/31/31
1,103,307
982,089
(a)
CCC
Intelligent
Solutions
Inc.,
Term
Loan,
(TSFR1M
+
2.000%)
6
.322
01/23/32
982,089
2,625,000
(a)
Cotiviti
Corporation,
2nd
Amendment
Term
Loan,
(TSFR1M
+
2.750%)
7
.077
03/29/32
2,573,589
6,240,128
(a)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
2.750%)
7
.074
05/01/31
6,127,025
2,400,000
(a)
Darktrace
PLC,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.458
10/09/31
2,388,840
1,116,181
(a)
DTI
Holdco,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
8
.322
04/26/29
1,100,315
10,386,373
(a)
Epicor
Software
Corporation,
Term
Loan
E,
(TSFR1M
+
2.750%)
7
.072
05/30/31
10,349,813
1,778,000
(a)
FNZ
Group
Services
Ltd,
Term
Loan
B,
(TSFR3M
+
5.000%)
9
.291
11/05/31
1,484,630
2,070,595
(a)
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.750%)
8
.072
06/27/31
2,031,771
2,889,208
(a)
Gen
Digital
Inc.,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.072
09/12/29
2,869,143
5,180,017
(a)
Genesys
Cloud
Services
Holdings
II
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
01/30/32
5,117,961
6,790,000
(a)
Informatica
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.572
10/30/28
6,790,000
1,120,000
(a),(f)
Javelin
Buyer,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
7
.563
12/08/31
1,117,726
4,200,000
(a)
Kaseya
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
03/22/32
4,175,997
6,335,818
(a),(f)
McAfee,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.319
03/01/29
5,972,839
753,215
(a)
Mitchell
International,
Inc.,
First
Lien
Term
Loan,
(TSFR1M
+
3.250%)
7
.572
06/17/31
744,376
6,782,406
(a)
Open
Text
Corporation,
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.072
01/31/30
6,770,537
1,496,250
(a)
PointClickCare
Technologies,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.549
11/03/31
1,495,786
1,124,000
(a),(h)
Polaris
Newco
LLC,
Term
Loan
B,
(TBD)
TBD
TBD
1,086,593
4,116,315
(a)
Press
Ganey
Holdings,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
7
.572
04/30/31
4,096,886
459,845
(a),(h)
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien
Term
Loan
B,
(TBD)
TBD
TBD
458,536
3,290,637
(a)
Proofpoint,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.322
08/31/28
3,274,809
3,493,313
(a)
Rackspace
Finance,
LLC,
First
Lien
First
Out
Term
Loan,
(TSFR1M
+
6.250%)
10
.685
05/15/28
3,477,314
5,992,525
(a)
Rackspace
Finance,
LLC,
First
Lien
Second
Out
Term
Loan,
(TSFR1M
+
2.750%)
7
.185
05/15/28
2,473,414
7,899,483
(a)
Sophia,
L.P.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.322
10/29/29
7,878,313
2,944,549
(a)
SS&C
Technologies
Inc.,
Term
Loan
B8,
(TSFR1M
+
2.000%)
6
.322
05/09/31
2,944,623
2,000,000
(a)
Synechron
Inc,
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.030
10/03/31
1,980,000
2,226,097
(a)
Syniverse
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
7.000%)
11
.299
05/13/27
2,132,645
5,711,362
(a)
Tempo
Acquisition
LLC,
Repriced
Term
Loan
B,
(TSFR1M
+
1.750%)
6
.072
08/31/28
5,674,324
3,209,549
(a),(f)
Twitter,
Inc.,
Term
Loan,
(TSFR3M
+
6.500%)
10
.949
10/29/29
3,116,070
14,973,789
(a)
UKG
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7
.320
02/10/31
14,939,799
1,975,295
(a)
Vision
Solutions,
Inc.,
Incremental
Term
Loan,
(TSFR3M
+
4.000%)
8
.541
04/24/28
1,841,962
537,303
(a)
VS
Buyer,
LLC,
First
Lien
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.019
04/14/31
535,627
1,322,066
(a)
World
Wide
Technology
Holding
Co.
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
6
.579
03/01/30
1,318,761
2,954,000
(f)
X
Corp
9
.500
10/29/29
2,885,689
8,019,000
(a)
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7
.072
09/28/29
7,850,280
TOTAL
SOFTWARE
&
SERVICES
169,762,927
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2.5%
(1.7%
of
Total
Investments)
11,118,097
(a)
CommScope,
Inc.,
Term
Loan,
(TSFR1M
+
5.250%)
9
.572
12/17/29
10,940,875
1,825,661
(a)
II-VI
Incorporated,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.322
07/02/29
1,808,929
1,298,872
(a)
Ingram
Micro
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
7
.053
09/22/31
1,300,093
974,886
(a),(i)
MLN
US
HoldCo
LLC,
First
Lien
Term
Loan,
(TSFR3M
+
4.500%)
4
.405
12/01/25
7,336
440,016
(a),(i)
MLN
US
HoldCo
LLC,
Second
Out
Term
Loan,
(Prime
+
6.800%)
0
.000
10/18/27
2,222
1,671,505
(a)
Riverbed
Technology,
Inc.,
PIK
Term
Loan,
(TSFR3M
+
2.250%)
4
.400
07/03/28
923,924
5,241,834
(a)
Verifone
Systems,
Inc.,
Term
Loan,
(TSFR3M
+
5.500%)
10
.211
08/21/28
4,672,859
288,000
(a),(h)
Viasat
Inc,
Term
Loan,
(TBD)
TBD
TBD
270,999
1,253,000
(a),(h)
ViaSat,
Inc.,
Term
Loan,
(TBD)
TBD
TBD
1,147,190
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
21,074,427
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
-
4.4%
(2.9%
of
Total
Investments)
$
639,502
(a)
Altice
France
S.A.,
Term
Loan
B12,
(Prime
+
2.688%)
10
.188
%
02/02/26
$
561,562
7,847,624
(a)
Altice
France
S.A.,
Term
Loan
B13,
(Prime
+
3.000%)
10
.500
08/14/26
6,892,412
709,191
(a)
Altice
France
S.A.,
Term
Loan
B14,
(TSFR3M
+
5.500%)
9
.756
08/31/28
641,286
1,162,179
(a)
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(TSFR1M
+
2.750%)
7
.072
11/24/28
1,156,950
721,000
(a),(h)
Connect
Finco
Sarl,
Term
Loan
B,
(TBD)
TBD
TBD
649,805
581,141
(a),(c)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0
.000
05/01/25
3,196
1,940,344
(a)
Digicel
International
Finance
Limited,
Term
Loan,
(TSFR3M
+
3.750%),
(cash
11.791%,
PIK
1.500%)
5
.890
05/27/27
1,917,477
4,219,425
(a)
Frontier
Communications
Corp.,
Term
Loan
B,
(TSFR6M
+
2.500%)
6
.792
07/01/31
4,205,374
2,078,000
(a),(f)
Level
3
Financing
Inc,
(CME
Term
SOFR
1
Month
+
4.250%)
8
.572
03/29/32
2,076,701
1,422,724
(a)
Lumen
Technologies,
Inc.,
Extended
Term
Loan
B2,
(TSFR1M
+
2.350%)
6
.786
04/15/30
1,359,491
4,697,774
(a)
Lumen
Technologies,
Inc.,
Term
Loan
A,
(TSFR1M
+
6.000%)
10
.322
06/01/28
4,692,888
2,876,891
(a)
Numericable
Group
SA,
Term
Loan
B11,
(Prime
+
1.750%)
9
.250
07/31/25
2,515,223
6,544,000
(a)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7
.436
03/09/27
6,106,370
3,650,838
(a)
Ziggo
Financing
Partnership,
Term
Loan
I,
(TSFR1M
+
2.500%)
6
.936
04/28/28
3,599,818
TOTAL
TELECOMMUNICATION
SERVICES
36,378,553
TRANSPORTATION
-
1.6%
(1.1%
of
Total
Investments)
509,850
(a)
Air
Canada,
Term
Loan
B,
(TSFR1M
+
2.000%)
6
.323
03/21/31
504,805
134,636
(a)
American
Airlines,
Inc.,
First
Lien
Term
Loan,
(TSFR6M
+
1.750%)
5
.984
01/29/27
132,259
2,532,099
(a)
American
Airlines,
Inc.,
Term
Loan,
(TSFR3M
+
2.250%)
6
.519
04/20/28
2,484,052
2,260,447
(a)
Brown
Group
Holding,
LLC,
Incremental
Term
Loan
B2,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.809
07/01/31
2,240,408
2,154,354
(a)
Brown
Group
Holding,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.822
07/01/31
2,135,644
2,939,468
(a)
KKR
Apple
Bidco,
LLC,
Term
Loan,
(TSFR1M
+
2.500%)
6
.822
09/23/31
2,909,809
306,625
(a)
SkyMiles
IP
Ltd.,
Skymiles
Term
Loan
B,
(TSFR3M
+
3.750%)
8
.022
10/20/27
309,948
1,250,000
(a)
Stonepeak
Nile
Parent
LLC,
Term
Loan
B,
(Prime
+
1.750%)
9
.250
04/12/32
1,230,731
1,672,747
(a)
WestJet
Loyalty
LP,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.549
02/14/31
1,598,259
TOTAL
TRANSPORTATION
13,545,915
UTILITIES
-
2.2%
(1.4%
of
Total
Investments)
1,295,000
(a),(h)
Cornerstone
Generation
LLC,
(TBD)
TBD
TBD
1,297,966
446,625
(a)
EFS
Cogen
Holdings
I
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.799
10/03/31
447,509
1,500,000
(a)
Long
Ridge
Energy
LLC,
Term
Loan
B,
(TSFR1M
+
4.500%)
8
.822
02/19/32
1,423,125
6,478,762
(a)
Talen
Energy
Supply,
LLC,
Incremental
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.818
12/15/31
6,468,947
7,202,565
(a)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.818
05/17/30
7,193,562
1,117,432
(a)
Thunder
Generation
Funding
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
7
.299
10/03/31
1,118,130
299,386
(a),(e)
Vistra
Operations
Company
LLC,
First
Lien
Term
Loan
B3,
(TSFR1M
+
1.750%)
6
.072
12/20/30
298,721
TOTAL
UTILITIES
18,247,960
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$895,680,486)
880,582,103
SHARES
DESCRIPTION
VALUE
46
WARRANTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
46
MEDIA
&
ENTERTAINMENT
-
0.0%
(0.0%
of
Total
Investments)
4,644
(c)
Tenerity
Inc
46
TOTAL
MEDIA
&
ENTERTAINMENT
46
TOTAL
WARRANTS
(Cost
$1,087,699)
46
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$1,243,240,150)
1,213,600,616
SHARES
DESCRIPTION
RATE
VALUE
SHORT-TERM
INVESTMENTS
-
 6.1%(4.0%
of
Total
Investments)
Portfolio
of
Investments
April
30,
2025
(continued)
JQC
12
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENT
COMPANIES
-
6.1%
(4.0%
of
Total
Investments)
–
50,311,635
BlackRock
Liquidity
Funds
T-Fund
4.517(j)
$
50,311,635
TOTAL
INVESTMENT
COMPANIES
(Cost
$50,311,635)
50,311,635
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$50,311,635)
50,311,635
TOTAL
INVESTMENTS
-
153
.0
%
(Cost
$
1,293,551,785
)
1,263,912,251
BORROWINGS
-
(25.6)%
(k),(l)
(
211,600,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(17.3)%(m)
(
142,656,158
)
TFP
SHARES,
NET
-
(16.9)%(n)
(
139,289,523
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  6.8%
55,922,622
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
826,289,192
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
SOFR30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
TSFR6M
CME
Term
Secured
Overnight
Financing
Rate
6
Month
(a)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$274,070,877
or
21.7%
of
Total
Investments.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(d)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(e)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$203,176,249
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(f)
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
(g)
Investment,
or
portion
of
investment,
represents
an
outstanding
unfunded
senior
loan
commitment.
(h)
When-issued
or
delayed
delivery
security.
(i)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(j)
The
rate
shown
is
the
annualized
seven-day
subsidized
yield
as
of
end
of
the
reporting
period.
(k)
Borrowings
as
a
percentage
of
Total
Investments
is
16.7%.
(l)
The
Fund
segregates
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
(m)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
11.3%.
(n)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
11.0%.
13
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
JQC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Asset-Backed
Securities
$
–
$
59,544,614
$
–
$
59,544,614
Common
Stocks
5,183
7,717,409
23,048
7,745,640
Corporate
Bonds
–
265,728,213
–
265,728,213
Variable
Rate
Senior
Loan
Interests
–
880,578,605
3,498
880,582,103
Warrants
–
–
46
46
Short-Term
Investments:
Investment
Companies
50,311,635
–
–
50,311,635
Total
$
50,316,818
$
1,213,568,841
$
26,592
$
1,263,912,251